Many Kansas homeowners are having a tough time keeping up with their mortgage payments. If you feel identified, it’s likely you’re wondering how you can get help. Fortunately, in these trying times, there are a number of mortgage relief options available to you.
This post will provide you with all the information you need about these programs. We will also provide you with contacts for organizations that can assist you in applying for assistance. The important thing to remember is that It’s not too late, and there is hope! Read on to learn more.
Getting Started
In order to achieve mortgage relief, you should discuss your financial circumstances with your lender. Lenders often work with homeowners who cannot make their monthly payments. A HUD-approved housing counselor can be an excellent resource if you are unsure what to say to your lender.
Types of Mortgage Relief Available
In Kansas, there are many options available for mortgage relief. Several programs can help you make your mortgage payments, lower your interest rates, and modify the term of your loan.
Mortgage Modification
Having difficulty making your payments on time may qualify you for a loan modification. When you modify your mortgage, you negotiate with your lender a new payment plan that suits your current financial situation. There is even the possibility of negotiating a lower interest rate in some cases.
Forbearance
A forbearance program may be available to you if you have temporary financial difficulties. This arrangement may allow you to regain financial stability while making reduced or no payments for a period of time.
Principal Reduction
A reduction in your principal may be possible if you owe more than your home is worth. As a result, your loan balance would be reduced to reflect the current market value of your home.
Loan Refinancing
It may be possible to refinance at a lower interest rate if you are having trouble making your mortgage payments. Depending on your qualifications, you may be able to lower your monthly payments.
Short Sale
Short sales involve selling a home for less than the balance owed on the loan. Post-sale, the sale proceeds are used to pay off the debt.
Deed in Lieu of Foreclosure
Deeding your home back to the lender in lieu of foreclosure can be an option if you are unable to sell your home or negotiate a loan modification with your lender.
Mortgage Relief Programs in Kansas
Homeowner Assistance Fund (HAF)
The Kansas Homeowner Assistance Fund Program provides direct financial assistance to income-eligible homeowners facing pandemic-related hardships so that they can avoid mortgage delinquencies, defaults, displacements, and foreclosures.
How it Works
COVID-19 pandemic-affected Kansas homeowners may qualify for up to $45,000 in housing assistance grants.
Eligibility Requirements
This program is only available to those who experienced financial hardship following the Coronavirus pandemic in 2020.
You must also meet the following qualifications:
- The mortgage or property tax on your Kansas home is at least 30 days past due.
- Your primary residence is a single-family house, a one-to-four-unit dwelling, a condominium, a townhouse, or manufactured home.
- In the past six months, your income did not exceed 150 percent of the median income in your area.
How to Apply
Register and apply here. Financial hardship proof, mortgage statements, and housing-related documents may also be required.
Foreclosure and Its Impact
It is important for Kansas homeowners facing foreclosure to understand how the process works and the consequences it brings. You may lose your home if you default on your mortgage payments.
It is also vital that you avoid foreclosures at all costs in order to maintain a good credit score. Furthermore, a foreclosure can have devastating effects on a community. A decline in property values may lead to an increase in crime as criminals target vacant homes.
Avoid Foreclosure in Kansas with Favor Home Solutions’ Save My Credit Program
You can avoid foreclosure easily and effectively by reaching out to Favor Home Solutions! We’re dedicated to restoring your peace of mind and protecting your credit. Our ‘Save My Credit’ Program takes over your mortgage payments, so you don’t have to list your home for sale or worry about a foreclosure mark on your credit report.
You might even be able to pocket some money at the end: no fees, no gimmicks, and no obligations. Contact us today to get started!
